3 Canadian Stocks That Could Power the AI Data Centre Surge

AI data centres are forcing a massive buildout of power and materials, and these three Canadian stocks sit right in that supply chain.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published June 30, 9:30 am EDT

Artificial intelligence (AI) needs more than chips. It needs power plants, copper wiring, substations, steel, fuel, cooling systems, backup equipment, and massive amounts of industrial infrastructure. That’s why some of the best Canadian AI-related stocks may not look like technology companies at all.

Cameco (TSX: CCO), Lundin Mining (TSX: LUN), and Russel Metals (TSX: RUS) could all help power the AI data centre surge in different ways. Together, they show how physical the AI boom has become.

chip glows with a blue AI — Source: Getty Images

CCO

Data centres use enormous amounts of electricity, and that demand is pushing governments and companies to rethink long-term power supply. Renewable energy will play a role, and natural gas will too, but nuclear power keeps moving back into the conversation as it can provide reliable power. In fact, Canada’s new nuclear strategy sets out a goal of building up to 10 new large-scale nuclear reactors, with two under construction by 2035 and five more in planning or development by 2040.

That puts Cameco stock in an interesting position. The company is one of the world’s major uranium producers and also holds a stake in Westinghouse, a key nuclear services and technology business. In the first quarter of 2026, Cameco stock reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $509 million. Its uranium segment alone delivered adjusted EBITDA of $423 million.

The long-term demand picture also looks better than it did a decade ago. Cameco stock has contracts in place for average annual uranium deliveries of more than 28 million pounds over the next five years. If utilities, governments, and large technology companies keep looking at nuclear as part of the answer to AI power demand, Cameco stock could remain a major beneficiary.

LUN

Lundin Mining gives investors a different angle: copper. Data centres need copper for electrical wiring, power distribution, cooling systems, transformers, grid connections, and backup power infrastructure. The more electricity a facility uses, the more important copper becomes.

Lundin produced 79,934 tonnes of copper in the first quarter of 2026. Revenue reached $1.16 billion, helped by strong realized copper prices. The company also reported adjusted EBITDA of $626.7 million and free cash flow from operations of $379.7 million.

The growth story may be even more interesting. Lundin is advancing the Vicuña Project, which management says has the potential to rank among the top five copper, gold, and silver mines globally. That gives the company a longer-term path to becoming a larger copper producer at a time when electrification, grid expansion, electric vehicles, and AI data centres are all competing for supply.

The risk is commodity exposure. Copper prices can fall quickly if global growth weakens. Mines can also face cost inflation, permitting delays, labour issues, and political risk. Lundin offers upside, but investors should expect volatility.

RUS

Russel Metals is the least obvious AI play, which may make it the most overlooked. The company distributes metal products across North America through metal service centres, energy field stores, and steel distribution. It doesn’t build data centres directly. But construction projects need steel, aluminum, plate, tubing, beams, and value-added processing.

Russel reported record first-quarter 2026 revenue of $1.42 billion. EBITDA reached $124 million, up 44% from last year. The company also raised its quarterly dividend to $0.44 per share, marking its fourth consecutive year of dividend increases.

Russel expects to benefit over the medium term from U.S. industrial manufacturing, Canadian nation-building projects, and infrastructure investments in areas such as data centres. That gives the stock a practical link to the buildout rather than just a loose AI label.

The risk is cyclicality. Steel prices, tariffs, industrial demand, and margins can all move against the company. Russel is not a smooth compounder every year. But with a stronger U.S. footprint, a rising dividend, and exposure to infrastructure spending, it deserves more attention.

Bottom line

Cameco stock, Lundin, and Russel Metals won’t move like software stocks. They sit closer to the pipes, wires, fuel, and materials AI needs before a single server can run. For investors looking beyond the obvious names, these three Canadian stocks could help power the next phase of the AI data centre boom.